External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

<ul><li>Alibaba reported 4QFY24 (March year-end) results: total revenue was RMB221.9bn, up 6.6% YoY, and non-GAAP net income for the quarter was RMB25.3bn, down 9.4% YoY, owing to investment to drive user experience improvement and GMV growth of domestic business, as well as international business expansion.</li><li>For FY24, total revenue reached RMB941.2bn, up 8.3% YoY, and non-GAAP net income was RMB158.4bn, up 10% YoY.</li><li>Management highlighted solid progress regarding its investment to support market share gains of core business, with Taobao &amp; Tmall (T&amp;T) Group GMV grew double digits YoY, international commerce retail revenue grew 56% YoY, and AI-related cloud revenue grew triple digits YoY in 4QFY24.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Alibaba reported 4QFY24 (March year-end) results: total revenue was RMB221.9bn, up 6.6% YoY, and non-GAAP net income for the quarter was RMB25.3bn, down 9.4% YoY, owing to investment to drive user experience improvement and GMV growth of domestic business, as well as international business expansion.For FY24, total revenue reached RMB941.2bn, up 8.3% YoY, and non-GAAP net income was RMB158.4bn, up 10% YoY.Management highlighted solid progress regarding its investment to support market share gains of core business, with Taobao &amp; Tmall (T&amp;T) Group GMV grew double digits YoY, international commerce retail revenue grew 56% YoY, and AI-related cloud revenue grew triple digits YoY in 4QFY24.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Alibaba (BABA US) - Business Adjustment Shows Greater Visibility in Delivering Results

<ul><li>We expect Alibaba to deliver in-line-with-consensus revenue growth for 4QFY24.</li><li>Although escalated investment in international business, cloud, and Taobao and Tmall (T&amp;T) Group, as well as strategically important new businesses is likely to put some short-term pressure on margin expansion, we remain positive on Alibaba’s long-term growth potential.</li><li>Alibaba remains committed to improving shareholder return by achieving loss reduction in non-core business, and enhancing share buyback and dividend payout, which in our view should provide support for near-term valuation. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect Alibaba to deliver in-line-with-consensus revenue growth for 4QFY24.Although escalated investment in international business, cloud, and Taobao and Tmall (T&amp;T) Group, as well as strategically important new businesses is likely to put some short-term pressure on margin expansion, we remain positive on Alibaba’s long-term growth potential.Alibaba remains committed to improving shareholder return by achieving loss reduction in non-core business, and enhancing share buyback and dividend payout, which in our view should provide support for near-term valuation. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Alibaba (BABA US) - Driving Long-Term Growth While Enhancing Shareholder Return

Thematic (Sector/Industry)

<ul><li>Year to date, the internet sector has pulled back after rapid rallies buoyed by improved sentiment and short-term fund inflows, in line with our previous expectation.</li><li>From a full-year perspective, given the rate cut cycle has not yet started and liquidity remains tight, we suggest focusing on: 1) companies capable of boosting shareholder returns or maintaining decent returns, supported by solid fundamentals (strong competitive advantages, steady growth in core business, and stable profitability) and committed to enhancing shareholder returns (also depends on management's willingness), such as Alibaba, Tencent, and NetEase;</li><li>2) companies whose new businesses have significant market potential and are poised to bring considerable capital gains in the long run, particularly from overseas expansion and AI-related initiatives, such as Pinduoduo, Tencent, Alibaba, and Trip.com</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Year to date, the internet sector has pulled back after rapid rallies buoyed by improved sentiment and short-term fund inflows, in line with our previous expectation.From a full-year perspective, given the rate cut cycle has not yet started and liquidity remains tight, we suggest focusing on: 1) companies capable of boosting shareholder returns or maintaining decent returns, supported by solid fundamentals (strong competitive advantages, steady growth in core business, and stable profitability) and committed to enhancing shareholder returns (also depends on management's willingness), such as Alibaba, Tencent, and NetEase;2) companies whose new businesses have significant market potential and are poised to bring considerable capital gains in the long run, particularly from overseas expansion and AI-related initiatives, such as Pinduoduo, Tencent, Alibaba, and Trip.comContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Internet - 1Q24 recap & our three stock-picking ideas

<ul><li>Alibaba reported 3QFY24 (March year-end) results: total revenue was RMB260.3bn, up 5% YoY, and non-GAAP net income for the quarter was RMB48.2bn, down 4% YoY, both largely inline with Bloomberg consensus.</li><li>Management remains committed to investment to drive top-line growth and market share gains for core businesses, as well as to continued loss reduction and exit of non-core business when market conditions improve.</li><li>Although business transition will likely take time, with an upsizing of the share repurchase program to US$35.3bn and guidance of at least 3% in annual reduction of total shares outstanding through Mar 2027, management’s determination in enhancing shareholder return remains firm. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Alibaba reported 3QFY24 (March year-end) results: total revenue was RMB260.3bn, up 5% YoY, and non-GAAP net income for the quarter was RMB48.2bn, down 4% YoY, both largely inline with Bloomberg consensus.Management remains committed to investment to drive top-line growth and market share gains for core businesses, as well as to continued loss reduction and exit of non-core business when market conditions improve.Although business transition will likely take time, with an upsizing of the share repurchase program to US$35.3bn and guidance of at least 3% in annual reduction of total shares outstanding through Mar 2027, management’s determination in enhancing shareholder return remains firm. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Alibaba (BABA US) - Enhancing Shareholder Return While Remaining Ambitious

<ul><li>Alibaba delivered inline 2QFY24 (March year-end) results: total revenue was RMB224.8bn, up 8.5% YoY, and non-GAAP net income for the quarter was RMB40.2bn, up 16.8% YoY.</li><li>Both revenue and non-GAAP net income in 2QFY24 were in line with Bloomberg consensus estimates.</li><li>Alibaba decided not to proceed with a full spin-off for Cloud Intelligence Group (CIG), and will focus on developing a sustainable growth model for CIG under current circumstances, but stressed that it remained committed to drive shareholder returns. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Alibaba delivered inline 2QFY24 (March year-end) results: total revenue was RMB224.8bn, up 8.5% YoY, and non-GAAP net income for the quarter was RMB40.2bn, up 16.8% YoY.Both revenue and non-GAAP net income in 2QFY24 were in line with Bloomberg consensus estimates.Alibaba decided not to proceed with a full spin-off for Cloud Intelligence Group (CIG), and will focus on developing a sustainable growth model for CIG under current circumstances, but stressed that it remained committed to drive shareholder returns. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Alibaba (BABA US) – Remain Committed to Enhance Shareholder Returns

China

Alibaba Group Holding Limited provides online sales services. The Company provides internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide.

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Alibaba Group Holding (BABA US)

Alibaba (BABA US) - Business Adjustment Shows Greater Visibility in Delivering Results

Alibaba reported 4QFY24 (March year-end) results: total revenue was RMB221.9bn, up 6.6% YoY, and non-GAAP net income for the quarter was RMB25.3bn,...

CMB International

Alibaba (BABA US) - Driving Long-Term Growth While Enhancing Shareholder Return

Alibaba remains committed to improving shareholder return by achieving loss reduction in non-core business, and enhancing share buyback and...

CMB International

Internet - 1Q24 recap & our three stock-picking ideas

Year to date, the internet sector has pulled back after rapid rallies buoyed by improved sentiment and short-term fund inflows, in line with our...

CMB International

Alibaba (BABA US) - Enhancing Shareholder Return While Remaining Ambitious

Alibaba reported 3QFY24 (March year-end) results: total revenue was RMB260.3bn, up 5% YoY, and non-GAAP net income for the quarter was RMB48.2bn,...

CMB International

Alibaba (BABA US) – Remain Committed to Enhance Shareholder Returns

Alibaba delivered inline 2QFY24 (March year-end) results: total revenue was RMB224.8bn, up 8.5% YoY, and non-GAAP net income for the quarter was...

CMB International

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